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Bourse slides having priced in bond news

Investors in the local stock market seemed uninterested in the Finance Ministry’s bond issue announcement on Wednesday, with the main index posting a moderate drop for the fifth session in a row, while rising stocks outnumbered the losers.

It appeared that the market had already factored in Greece’s return to the international markets, so the confirmation of the landmark issue early in the afternoon and the further decline in the Greek 10-year bond yield changed nothing over the course of the session. Still, if the interest rate Greece borrows at proves to be particularly low, the bourse will certainly jump for joy.